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Established  by  Railways  of  the  United  States 
for  the  Scientific  Study  of  Transportation  Problems 


mm 


logan  g.  McPherson 


FRANK  HAIGH  DIXON 

CHIEF  STATISTICIAN 


Comparison  of  Capital  Yalues- 
Agriculture,  Manufactures,  and  the 
Railways 


mm 


IB 


>KS  • >: 


Bulletin  No.  39 
WASHINGTON,  D.  C. 
1912 


— 


BULLETINS  OF  THE 
BUREAU  OF  RAILWAY  ECONOMICS 


1.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  July,  1910.  (Monthly  Report  Series, 
Bulletin  No.  1.) 

2.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  August,  1910.  (Monthly  Report  Series, 
Bulletin  No.  2.) 

3.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  September,  1910.  (Monthly  Report  Series, 
Bulletin  No.  3.) 

4.  A Comparative  Statement  of  Physical  Valuation  and  Capitali- 

zation. 


5.  Preliminary  Bulletin  for  November,  1910 — Revenues  and  Ex- 

penses. 

6.  Railway  Traffic  Statistics,  1900-1909.  (See  No.  31.) 

7.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  October,  1910.  (Monthly  Report  Series, 
Bulletin  No.  4.) 

8.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  November,  1910.  (Monthly  Report  Series. 
Bulletin  No.  5.) 


9.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 
United  States  for  December,  1910.  (Monthly  Report  Series, 
Bulletin  No.  6.) 

10.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 
United  States  for  January,  1911. 

11.  (Out  of  Print.) 

Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 
United  States  for  February,  1911. 

Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 
United  States  for  March,  1911. 

Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 
United  States  for  April,  1911. 

The  Conflict  Between  Federal  and  State  Regulation  of  the  Rail- 
ways. 


12 


13 


14' 


15 


16.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 
United  States  for  May,  1911. 


( Continued  on  third  page  of  cover.) 


Comparison  of  Capital  Yalues- 
Agriculture,  Manufactures,  and  the  Railways 


WASHINGTON,  D.  C. 

September,  1912 


Digitized  by  the  Internet  Archive 
in  2016 


https://archive.org/details/comparisonofcapi01asso 


CONTENTS. 


3 

13  °i.  5 2>  [3 
"Yvo . 3°/ 


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Page 


- - 

Summary  5 

Introduction  7 

National  Wealth  of  the  United  States 10 

Capital  Values  of  the  Agricultural,  Manufacturing,  and  Railway 
Industries 12 

Agricultural  Capital  by  Geographical  Divisions  and  States 17 

Manufacturing  Capital  by  Geographical  Divisions  and  States 17 

Capitalization  by  Interstate  Commerce  Commission  Groups 24 

Comparison  of  Capital  in  Railways  and  in  the  Principal  Manu- 
facturing Industries 27 

Return  on  Manufacturing  and  Railway  Capital 28 

Appendix 

Agriculture 32 


Manufactures 33 

Railways  35 

Commercial  Value  of  the  Railways  by  Geographical  Divisions 
and  States 37 


P 61 116 


f„"rrrr«-^ 


SUMMARY. 


According  to  the  estimates  of  the  national  wealth  of  the  United 
States  made  by  the  Bureau  of  the  Census  the  value  of  the  railways 
increased  but  little  more  than  half  as  fast  as  the  value  of  all  prop- 
erty from  1890  to  1904. 

The  capital  value  of  agriculture  includes  all  farm  property,  land, 
buildings,  implements,  machinery,  and  live  stock.  The  capital 
value  of  manufactures  includes  the  value  of  property  employed  for 
the  purposes  of  production,  excepting  rented  property,  but  does  not 
include  any  allowance  for  patent  rights  or  good  will.  The  capital 
value  of  the  railways  used  in  this  comparison  is  the  “cost  of  road 
and  equipment”  as  it  stands  on  their  books. 

From  1900  to  1910  the  capital  value  of  agriculture  increased  from 
$20,439,901,164  to  $40,991,449,090;  the  capital  value  of  manufac- 
tures from  $8,975,256,000  to  $18,428,270,000;  the  cost  of  road  and 
equipment  of  the  railways  from  $10,263,313,400  to  $14,387,816,099. 

The  gross  value  of  the  products  of  manufacture  increased  from 
$11,406,927,000  in  1900  to  $20,672,052,000  in  1910.  The  total  oper- 
ating revenues  of  the  railways  increased  from  $1,487,044,814  to 
$2,750,667,435.  Thus  the  increase  of  81.2  per  cent  in  the  gross 
value  of  manufactured  products  was  accompanied  by  an  increase 
of  105.3  Per  cent  in  manufacturing  capital;  while  the  increase  of 
85  per  cent  in  the  total  operating  revenues  of  the  railways  was  ac- 
companied by  an  increase  of  only  40.2  per  cent  in  their  cost  of  road 
and  equipment. 

The  report  of  the  Bureau  of  the  Census  for  1900  indicated  that 
the  gross  capitalization  of  the  industrial  combinations  then  in  exist- 
ence was  more  than  twice  as  great  as  their  capital  value.  The  gross 
capitalization  of  the  railways  was  about  12  per  cent  greater  than 
the  cost  of  road  and  equipment  in  1900  and  28  per  cent  greater  in 
1910.  The  net  capitalization  of  the  railways,  which  is  the  amount 
for  which  they  are  responsible  to  the  public,  almost  exactly  coin- 
cided in  1910  with  the  cost  of  road  and  equipment. 

Because  of  the  peculiar  nature  of  the  industry,  it  is  impracticable 
to  arrive  at  a satisfactory  and  comparable  estimate  of  the  net  return 
on  the  capital  in  agriculture.  The  greater  similarity  of  the  manu- 

(5) 

P 6 1 1 1 6 


6 


facturing  and  railway  industries  permits  estimates  of  the  return  on 
capital  that  in  a broad  and  general  way  are  comparable.  Approxi- 
mately, the  percentage  of  net  return  on  the  capital  value  of  manu- 
factures in  1900  was  17.119  per  cent  and  that  on  the  cost  of  road 
and  equipment  of  the  railways  4.650  per  cent.  In  1910,  when  the 
capital  value  of  manufactures  had  increased  105.3  Per  cent,  the  per- 
centage of  net  return  was  12.041  per  cent,  while  on  the  cost  of  road 
and  equipment  of  the  railways,  which  had  increased  40.2  per  cent, 
the  percentage  of  net  return  was  5.729  per  cent.  That  is,  in  1900 
the  percentage  of  net  return  on  capital  in  manufactures  was  nearly 
four  times  as  great  as  that  on  the  cost  of  road  and  equipment  of  the 
railways;  in  1910  it  was  over  twice  as  great.  In  both  cases  the 
interest  on  capital  is  included  in  net  return. 

While  these  comparisons  are  subject  to  qualification,  it  is  not  be- 
lieved that,  were  absolutely  accurate  and  comparable  data  available, 
there  would  be  any  substantial  change  in  the  general  conclusions. 


COMPARISON  OF  CAPITAL  VALUES— 
AGRICULTURE,  MANUFACTURES,  AND  THE  RAILWAYS. 


Introduction. 

Agriculture,  which  includes  the  production  of  the  food  supply  and 
in  a measure  that  of  the' raw  material  of  manufacture;  manufactur- 
ing, which  is  the  transformation  of  raw  material  into  a partly  finished 
state,  or  into  the  finished  product  itself ; and  transportation,  which 
is  the  conveyance  of  materials  and  products,  of  passengers  and  the 
mails,  are  the  principal  industries  of  the  United  States,  and  in  this 
country  the  most  important  factor  in  transportation  is  the  railway 
system. 

It  is  of  the  first  importance  to  know  what  are  the  amounts  of  capital 
invested  respectively  in  agriculture,  manufactures,  and  railways,  and 
the  amount  and  rate  of  return  upon  such  capital.  The  impossibility, 
however,  of  ascertaining  with  absolute  exactness  the  amount  of  the 
investments  that  have  been  made  in  these  widespread  and  ramifying 
industries  becomes  apparent  at  the  beginning  of  the  inquiry,  as  does 
also  the  inability  to  make  a precise  distinction  between  the  amount  of 
investment  and  present  capital  value.  This  is  especially  true  of  a new 
and  growing  country  like  the  United  States,  where  values  often  have 
literally  sprung  from  the  ground  almost  without  the  investment  of 
capital,  and  where  natural  increment  has  accounted  in  large  part  for 
the  current  value  of  land.  Even  so,  the  study  of  capital  investment 
and  return,  carried  out  with  care  and  a full  appreciation  of  the  diffi- 
culties involved,  leads  to  significant  results. 

First  of  all  must  be  considered  certain  essential  differences  in  the 
character  of  the  capital  of  these  respective  industries. 

Although  buildings,  improvements  such  as  fences,  drains,  etc.,  and 
appliances,  such  as  implements  and  machinery,  are  indispensable  for 
farm  cultivation,  the  productivity  of  farm  land  in  the  United  States 
depends  in  greater  measure  upon  the  fertility  of  the  soil  than  upon  the 
utilization  of  invested  capital.  As  a growing  population  demands 
more  and  more  of  farm  products,  the  value  of  farm  land  rises  as  the 
population  increases,  especially  if  it  lies  contiguous  to  populous  centres. 
Although  the  use  of  continually  improving  methods  of  cultivation  in- 

(7) 


8 


creases  the  production  of  a given  area  and  gives  it  a greater  earning 
capacity,  the  declining  yield  after  years  of  tillage  makes  necessary  the 
increasing  use  of  fertilizer,  and  thus  tends  to  offset  the  larger  earn- 
ings. Clearly,  the  land  itself  is  the  largest  factor  in  the  value  of  a 
farm,  and  the  owner  does  not  bring  about  that  increase  in  value  due  to 
the  growth  of  population,  which  is  commonly  designated  as  the  “un- 
earned increment.” 

Investment  in  a manufacturing  plant  includes  the  price  paid  for  the 
land  which  forms  the  site,  but  the  principal  investment  in  the  case  of 
a plant  of  any  magnitude  is  in  the  buildings  and  appliances  in  which 
and  by  means  of  which  the  processes  of  manufacture  are  carried  on. 
In  no  small  measure  the  return  upon  capital  in  manufacture  depends 
upon  efficient  and  economical  methods,  and  upon  skill  in  the  designing 
and  marketing  of  products  for  which  there  is  demand.  The  value  of 
the  land  may  increase  as  other  land  in  the  vicinity  becomes  more  val- 
uable, and  to  this  extent  the  value  of  a manufacturing  plant  may  be 
enhanced  by  unearned  increment.  The  buildings  and  appliances,  how- 
ever, tend  to  deteriorate  as  they  are  used,  involving  more  rapid  depre- 
ciation than  is  suffered  by  farm  land  because  of  tillage. 

With  a railway,  as  with  a manufacturing  plant,  the  land  is  an  indis- 
pensable factor,  and  its  value  also  enhances  by  unearned  increment 
unless  it  be  considered  that  it  is  largely  because  of  transportation  serv- 
ice that  the  value  of  adjoining  land  is  enhanced,  and  that  therefore 
in  a measure  the  rising  value  of  railway  real  estate  is  a reflex  of  the 
service  performed  by  the  railways.  With  a railway,  as  with  a manu- 
facturing enterprise,  the  principal  investment  is  in  the  plant ; in  the 
case  of  the  railway  it  is  in  the  roadbed,  cars  and  locomotives,  buildings, 
and  appliances.  With  a railway,  as  with  a manufacturing  plant,  the 
return  upon  capital  depends  in  no  small  measure  upon  efficient  and 
economical  methods  of  operation,  and  also  upon  the  vigor  with  which 
traffic  is  secured  and  developed ; and  there  is  rapid  depreciation. 

Therefore  there  is  a greater  similarity  between  the  railway  and 
manufacturing  industries  than  between  either  of  these  and  the  agri- 
cultural industry.  A respect  in  which  the  agricultural  distinctly  differs 
from  the  manufacturing  or  railway  industry  is  in  the  comparatively 
slight  extent  to  which  establishment  as  a “going  concern"  affects  the 
capital  value  of  the  farm  as  contrasted  with  the  considerable  value 
which  establishment  as  a going  concern  attaches  to  a manufacturing 
plant  or  a railway.  A farm  may  change  the  character  of  its  product 


9 


or  even  lie  fallow  for  a year  or  more  without  great  deterioration  in  its 
capital  value.  This  applies  in  far  less  degree  to  a manufacturing 
establishment,  and  it  does  not  apply  at  all  to  a railway,  which  is  obliged 
to  continue  in  transportation  service  without  cessation.  The  continu- 
ing organization  necessary  to  such  permanence  as  a going  concern  is 
alone  a considerable  factor  in  its  value. 

Certain  localities,  and  even  particular  farms,  may  gain  a distinctive 
reputation  for  the  production  of  certain  grades  of  fruits,  of  vegeta- 
bles, of  live  stock,  or  even  of  grains  which  command  preferential 
prices,  but  in  the  main  the  bulk  of  the  products  of  agriculture  are 
marketed  without  regard  to  the  immediate  locality  or  the  particular 
farm  whence  they  came.  In  the  case  of  most  manufacturing  estab- 
lishments the  distinctive  reputation  for  a particular  kind  and  grade  of 
production  is  an  asset  of  great  value. 

So  also  with  a railway  company.  While'  a considerable  share  of 
the  traffic  of  every  railway  is  non-competitive,  there  are  but  few  of 
the  railway  systems  of  the  United  States  which  are  not  dependent 
upon  competitive  traffic.  In  securing  such  traffic,  and  especially  com- 
petitive passenger  traffic,  the  reputation  of  a railway  for  efficient 
transportation  is  an  asset  of  the  highest  value,  and  this  reputation  can 
only  be  gained  through  the  development  of  an  organization  that  must 
increase  in  efficiency. 

Value  as  a “going  concern”  is  therefore  no  doubt  of  some  impor- 
tance in  the  agricultural  industry,  but  it  is  a prime  factor  in  the  aggre- 
gate value  of  a manufacturing  establishment  or  of  a railway.  The 
amounts  representing  capital  value  used  in  this  study,  however,  are  the 
book  values  of  the  actual  investment  only,  and  contain  no  allowance 
for  the  value  of  patents,  trade-marks,  good  will,  or  establishment  as  a 
going  concern. 

This  study  of  capital  values  in  the  agricultural,  manufacturing,  and 
railway  industries  has  been  prepared  with  a keen  appreciation  of  the 
differences  in  the  nature  of  the  capital  in  those  industries,  as  well  as 
of  other  difficulties,  already  discussed,  that  are  inherent  in  the  com- 
parison of  capital  values. 

For  the  reasons  that  are  set  forth  in  the  appendix  this  study  has 
been  limited  in  the  case  of  the  railways  and  of  agriculture  to  the 
twenty-year  period  extending  from  1890  to  1910,  and  in  the  case  of 
manufactures  to  the  ten-year  period  from  1900  to  1910. 


10 


National  Wealth  of  the  United  States. 

Because  of  its  significance  in  relation  to  this  study  there  is  here  pre- 
sented a comparative  statement  of  the  national  wealth  of  the  United 
States  in  1890,  1900,  and  1904  as  estimated  by  the  Bureau  of  the  Cen- 
sus. The  Census  Bureau  does  not  purpose  to  extend  this  investigation 
in  the  near  future  to  include  a period  later  than  1904. 


Estimate  of  'Wealth:  United  States2 


Subject 

1890. 

1900. 

1904. 

Real  property  and  improve- 
ments— taxed 

$35,711,209,108 

$46,324,839,234 

$55,5K>.22S,057 

Real  property  and  improve- 
ments— exempt 

3,833,335,225 

6,212,788,930 

6,831,244,570 

Farm  implements  and  ma- 
chinery  

494.247,467 

749,775,970 

844,989,863 

Live  stock 

2,308,767,573* 

3,306,473,278 

4,073,  791,736 

Manufacturing  machinery, 
tools  and  implements. . . . 

3. 058, 593, 44i c 

2,541,046,639 

3,297,754,i8o 

Gold  and  silver  coin  and 
bullion 

1.158,774,948 

1,677,379,825 

1,998,603,303 

Railroads  and  their  equip- 
ment  

8,296,050,034 

9,035,732,000 

1,576,197, 160 

11,244,752,000 

Street  railways 

389,357,289 

2,219,966,000 

Telegraphs 

1 

( 211,650,000 

227,400,000 

Telephones 

y 701,755,712 

\ 400,324,000 

585,840,000 

Shipping  and  canals 

J 

i 537,849,478 

846 , 489 , 804 

Pullman  and  private  cars  . . 
All  other 

9, 185,000,400 

98 , 836 , 600 
15,844,413,661 

I 23 , OOO , OOO 

J9, 3°o, 132,897 

Total 

$65,137,091,197** 

$88,517,306,775 

$107,104,192,410 

a Special  Report  of  the  Census  Bureau  on  Wealth,  Debt,  and  Taxation.  1907.  pp.  27-29. 
b This  does  not  include  the  value  of  live  stock  in  cities  towns,  and  villages.  The  value  of 
such  live  stock  is  included  in  the  value  of  live  stock  for  1900  and  1904,  amounting  to  about  one- 
tenth  of  the  total  value. 

c Including  product  on  hand,  raw  and  manufactured.  These  items  are  partially  covered 
under  the  heading  “all  other  ’’  in  1900  and  1904. 

d This  total  exceeds  the  total  given  on  page  29  oi  the  Census  rerort  by  $100,000,000.  The  dis- 
crepancy is  due  to  an  error  of  addition  in  the  original  table  prepared  by  the  Census  Bureau  in  1S90. 

Inasmuch  as  the  classification  of  items  followed  by  the  Census 
Bureau  in  preparing  these  estimates  of  national  wealth  varied  some- 
what for  the  respective  years,  the  rates  of  increase  are  not  strictly 
comparable  throughout.  They  suffice,  however,  for  the  purpose  of  a 
broad  and  general  comparison. 


11 


Therefore  it  may  be  noted  that  the  augmentation  in  the  total  esti- 
mated wealth  of  the  United  States  between  1890  and  1904  was 
$41,967,101,213.  This  was  an  increase  of  64.4  per  cent,  or  nearly  two- 
thirds,  while  the  increase  in  the  value  of  railroads  and  their  equipment 
for  the  same  period  was  $2,948,701,966,  or  35.5  per  cent.  The  rate  of 
increase  in  the  value  of  taxed  real  property  and  improvements  from 
1890  to  1904  was  55.4  per  cent ; in  the  value  of  untaxed  real  property 
and  improvements,  78.2  per  cent;  in  the  value  of  farm  implements 
and  machinery,  71.0  per  cent,  and  in  the  value  of  street  railways,  in- 
cluding interurban  railways  operated  by  electricity,  470.2  per  cent.  It 
will  be  noted  that  the  value  of  the  railroads,  as  shown  by  these  reports 
of  the  Census,  increased  from  1890  to  1904  but  little  more  than  half 
as  fast  as  the  value  of  all  property,  and  that  the  rate  of  increase  in  the 
value  of  every  other  form  of  property  for  which  comparable  values 
are  available  was  considerably  greater  than  in  that  of  the  railways. 


12 


Capital  Values  of  the  Agricultural,  Manufacturing,  and 
Railway  Industries. 

That  the  term  “capital’’  as  used  in  the  reports  of  the  Bureau  of  the 
Census  on  manufactures  refers  to  the  estimated  or  book  value  of  the 
property  employed  in  the  business  is  made  clear  by  the  explanation 
of  the  term  in  the  instructions  to  the  Census  enumerators.  In  1910, 
for  example,  the  instructions  read  as  follows : “Capital  invested.  The 
purpose  of  this  inquiry  is  to  determine  the  value  of  property  employed 
by  the  establishment  for  the  purposes  of  its  productive  operation,  but 
not  including  rented  property.  Patent  rights  and  good  will  must  not 
be  considered  as  a part  of  the  capital.” 

In  its  reports  upon  agriculture  the  Census  Bureau  uses  the  term 
“value  of  farm  property”  throughout,  in  preference  to  “capital”  or 
“capital  value.”  The  value  of  farm  property  is  the  value  placed  upon 
it  by  the  owner  thereof,  modified  or  adjusted  in  accordance  with  preva- 
lent standard  values. 

The  Interstate  Commerce  Commission  has  not  attempted  either  to 
compute  or  to  estimate  the  value  of  American  railway  property,  but 
in  its  annual  reports  has  shown  the  gross  capitalization,  the  net  capital- 
ization, and  the  cost  of  road  and  equipment  as  reported  by  the  rail- 
ways. By  “gross  capitalization”  is  meant  the  total  par  value  of  out- 
standing stocks  and  bonds.  “Net  capitalization”  is  gross  capitaliza- 
tion less  such  part  of  it  as  is  held  by  the  railways  themselves.  In 
other  words,  net  capitalization  is  the  total  par  value  of  stocks  and 
bonds  owned  and  held  by  the  general  public ; that  is,  the  amount  of 
railway  capitalization  for  which  the  railways  are  responsible  to  the 
public.  Net  capitalization  stands  therefore  as  a far  better  criterion  of 
railway  values  than  gross  capitalization.  The  “cost  of  road  and  equip- 
ment” of  the  railways  is  the  book  value  of  road  and  equipment.  No 
one  of  these  three  aggregates  has  exactly  the  same  basis  as  the  capital 
value  reported  for  manufactures  or  the  value  of  farm  property  re- 
ported for  agriculture. 

As  is  pointed  out  in  the  following  extracts  from  the  statistical  re- 
ports of  the  Interstate  Commerce  Commission,0  the  amount  of  “cost 
of  road  and  equipment”  of  the  railways  is  not  a wholly  satisfactory 
criterion  of  the  value  of  railway  property: 


“Statistics  of  Railways  in  the  United  States,  1888,  pp.  5-6;  1890,  pp.  97-98. 


13 


“Is  it  . possible  to  discover  ‘the  cost  and  value  of  the  carrier’s  prop- 

erty,  franchises,  and  equipment?’  The  papers  giving  evidence  respecting  these 
facts  may  have  been  destroyed,  or  in  the  fierce  struggle  of  rival  managements  for 
control  of  territory  by  means  of  the  absorption  of  lines  already  built  the  records 
of  the  original  companies  may  have  been  lost,  the  consolidated  companies  caring 
nothing  for  records  except  such  as  proved  their  right  to  the  property  absorbed. 
But  of  greater  significance  is  the  fact  that  in  many  instances  the  books  of  rail- 
way corporations  do  not  go  beyond  settlement  with  the  construction  companies. 

. . . Moreover,  since  the  inception  of  the  railway  system  in  the  United  States, 
the  changes  in  mechanical  appliances  and  the  constant  fluctuation  in  the  prices 
of  railway  supplies  are  so  great  that  the  cost  of  railway  property,  even  though 
it  could  be  taken  from  the  books  of  a company,  would  be  useless  as  showing 
the  present  value  of  the  property.” 


Notwithstanding  these  qualifications,  the  amount  of  “cost  of  road 
and  equipment'’  of  the  railways  shown  in  the  reports  of  the  Inter- 
state Commerce  Commission  for  1890,  1900,  and  1904  is  so  close  to  the 
value  of  railroads  and  their  equipment  as  reported  by  the  Bureau 
of  the  Census  for  the  same  years  that  it  may  be  used  as  roughly 
approximating  the  tangible  value  of  American  railway  property,  and 
therefore  may  be  taken  as  the  aggregate  more  nearly  analogous  to 
the  capital  value  of  manufactures  and  the  value  of  farm  property  as 
reported  by  the  Bureau  of  the  Census  than  the  aggregates  either  of 
gross  or  of  net  capitalization. 

The  close  correspondence  of  the  value  of  the  railways  as  reported 
by  the  Census  Bureau  for  the  years  1890,  1900,  and  1904  and  as 
shown  by  the  aggregate  of  their  reports  of  “cost  of  road  and  equip- 
ment to  the  Interstate  Commerce  Commission  for  the  same  years  is 
made  clear  in  the  following  table.  It  will  be  perceived  that  the  valua- 
tion for  1904  is  indicated  at  an  almost  identical  amount  by  the  re- 
spective authorities.0 


Year. 

1890 

1900 

1904  


Estimate  of 
Census  Bureau. 

$8,296,050,000 

9,035,732,000 

11,244,852,000 


Reports  of  the  railways' 
to  the  Interstate 
Commerce  Commission 

#7,755,387,000 

10. 263. 313. 000 

1 1. 5 1 1. 537. 000 


0 It  may  be  pointed  out  in  this  connection  that  the  estimate  made  by  the  Census 
Bureau  of  railway  valuation  in  1904  was  prepared  under  the  supervision  of  joint 
officials  of  the  Census  Bureau  and  the  Interstate  Commerce  Commission.  This 
fact  does  not  explain  the  close  relationship  between  the  cost  of  road  and  equip- 
ment of  railways  as  returned  to  the  Commission  in  1904  and  the  valuation  of  rail- 
way property  as  computed  by  the  Census  Bureau  for  the  same  year.  The  former 
represents  the  value  of  railway  property  on  the  books  of  the  railways  them- 
selves; the  latter  is  a wholly  original  computation  of  the  commercial  valuation 
of  railway  operating  property,  arrived  at  by  capitalizing  the  average  net  earnings 
of  individual  railways  and  railway  systems.  The  complete  difference  of  method 
utilized  in  reaching  the  respective  aggregates  for  1904  makes  their  close  corre- 
spondence both  striking  and  significant. 


14 


The  capital  values  of  the  agricultural,  manufacturing,  and  railway 
industries  in  1890,  1900,  1905,  and  1910,  except  as  noted,  are  given  in 
the  next  table.3  It  must  be  borne  in  mind  that  the  significance  of  these 
amounts  is  limited  by  the  qualifications  that  have  bee’n  specified.  As 
explained  in  the  appendix,  it  is  not  possible  to  show  manufacturing  cap- 
ital for  1890  on  a comparable  basis  with  that  of  1900,  1905,  and  1910; 
returns  for  that  year  in  the  case  of  manufactures  are  therefore  omitted. 
The  reports  of  the  Bureau  of  the  Census  are  the  source  of  the  amounts 
for  agriculture  and  manufactures;  the  reports  of  the  Interstate  Com- 
merce Commission  for  the  items  in  regard  to  the  railways.  For  the 
railways  there  are  given  cost  of  road  and  equipment,  gross  capitaliza- 
tion, and  net  capitalization.  It  will  be  perceived  that  in  each  case  the 
cost  of  road  and  equipment  exceeds  the  net  capitalization,  which  is  the 
amount  of  capitalization  for  which  the  railways  are  responsible  to  the 
public.  The  two  amounts  for  1910  are  almost  identical.  Because  of 
its  correlative  interest,  the  population  of  continental  United  States  in 
each  of  the  census  years  1890,  1900,  and  1910  is  shown  in  the  table. 
A census  was  not  taken  of  either  agriculture  or  the  population  in  1905. 


Capital  Value  of  Agriculture,  Manufactures  axd  Railways  of  the 
United  States. 


1890,  1900.  1905. 

Agriculture..,,  116,082,267,689  120,439,901,164  

Manufactures ..  8,975,256,000  $12,675,581,000 

Railways : 

Cost  of  road 
and  equip- 
ment  7,755,387,381  10,263,313,400  11,951,348,949 

Gross  capitali- 
zation  9,437,343,420  11,491,034,960  13,805,258,121 

Net  capitaliza- 
tion * 7,126,673,041  8,803,156,067  9,940,853,945 

Population 62,947,714  75,994,575  


I9IO. 

$40,991,449,090 

18,428,270,000 


14,387,816,099 


18,417,132,238 


i4,375,529,74S 

91,972,266 


The  relative  importance  of  the  three  industries  is  indicated  by  this 
table.  In  1910,  for  example,  using  round  numbers,  the  aggregate  value 
of  American  farm  property,  including  real  estate,  implements  and 


a In  the  tables  of  this  study  giving  capital  values  the  statistics  presented  tor 
agriculture  in  1890  and  1900  relate  to  June  1,  and  in  1910  to  April  15.  The 
statistics  for  manufactures  in  each  case  refer  as  nearly  as  possible  to  January 
1,  and  the  statistics  for  the  railways  to  June  30. 

b Up  to  1906  the  amounts  representing  net  capitalization  published  by  the  Inter- 
state Commerce  Commission  were  incomplete  to  the  extent  that  they  did  not 
include  income  bonds,  equipment  trust  obligations,  and  miscellaneous  obliga- 
tions in  the  hands  of  the  public. 


15 


machinery,  and  live  stock,  was  reported  at  $41,000,000,000;  the  amount 
of  capital  invested  in  manufactures  was  reported  as  $18,500,000,000; 
while  the  total  cost  of  road  and  equipment  of  the  railways  was  re- 
ported as  $14,400,000,000. 

'I'he  rates  of  increase  in  the  capital  values  thus  reported,  and  of  the 
population,  are  shown  in  the  following  table : 


Percentage  of  Increase;  in  Capital  Value. 


Agriculture 

1900  over 
1890. 

27.I 

1905  over 
1900. 

1910  over 
1905. 

1910  over 
1900. 

IOO.5 

Manufactures 

41.2 

45-4 

105.3 

Railways  : 

Cost  of  road  and  equipment 

• 32  • 3 

16.4 

20.4 

40.2 

Gross  capitalization 

. 21.8 

20.1 

33-4 

60.3 

Net  capitalization 

• 23.5 

I2.9 

44.6 

63-3 

Population 

20.7 

21.0 

For  the  ten-year  period,  1900  to 

1910,  the 

rate  of 

increase 

in  the 

capital  value  of  agricultural  property  was  100.5  per  cent,  the  rate  of 
increase  of  capital  invested  in  manufactures  105.3  Per  cent,  and  the  rate 
of  increase  in  the  cost  of  road  and  equipment  of  the  railways  40.2  per 
cent.  Gross  capitalization  of  the  railways  increased  60.3  per  cent, 
and  the  net  capitalization  63.3  per  cent.  The  greater  percentage  of 
increase  in  capitalization  than  in  cost  of  road  and  equipment  was 
largely  due  to  the  fact  that  railways  to  a large  extent  have  not  written 
up  on  their  books  the  values  of  their  real  properties  as  they  increased, 
and  that  they  have  invested  large  amounts  in  their  properties  which 
they  did  not  charge  to  property  account.  For  the  preceding  decade, 
1890  to  1900,  the  capital  value  of  agriculture  increased  at  the  rate  of 
27.1  per  cent,  and  the  cost  of  road  and  equipment  of  the  railways  at 
the  rate  of  32.3  per  cent.  That  is,  during  the  earlier  decade  agricul- 
tural value  increased  in  a somewhat  lower  ratio  than  railway  invest- 
ment, while  during  the  second  decade  the  rate  of  increase  was  two  and 
a half  times  as  high  for  agriculture  and  over  two  and  a half  times  as 
high  for  manufactures  as  for  railways.  The  increases  in  the  capital 
values  of  agriculture  and  of  manufactures  in  this  second  decade  were 
each  more  than  50  per  cent  greater  than  even  the  increase  in  the  capi- 
talization of  the  railways. 

As  an  indication  of  the  extent  to  which  the  capitalization  of  indus- 
tries, i.  e.,  their  outstanding  stock  and  bond  issues,  exceeds  their  capital 
value  as  reported  to  the  Census  Bureau  and  embodied  in  this  study 
the  following  comparison  has  been  made  by  that  Bureau  of  the  two 


items  for  all  the  industrial  combinations  existent  in  the  United  States 


in  1900 : a 

Total  capitalization  authorized  and  outstanding $3,093,096,000 

Total  capital,  as  reported  to  the  Census  Bureau 1,461,632,000 


Thus  the  capitalization  of  these  combinations  was  more  than  twice 
as  great  in  amount  as  the  capital  value,  represented  by  land,  buildings, 
machinery,  tools,  and  implements,  cash,  bills  receivable,  etc.  The  gross 
capitalization  of  the  railways  was  about  12  per  cent  greater  than  the 
cost  of  road  and  equipment  in  1900,  and  28  per  cent  greater  in  1910. 

a See  the  report  of  the  Census  Bureau  on  manufactures,  1900,  Part  I,  pp. 
LXXVIII-LXXIX. 


Agricultural  Capital  by  Geographical  Divisions  and  States. 

The  value  of  agricultural  property  in  the  larger  geographical  di- 
visions of  the  United  States  and  in  the  several  States  for  1890,  1900, 
and  1910,  and  the  increase  in  value  during  these  two  decades,  are 
given  in  the  following  Table  No.  1.  The  amounts  shown  cover  the 
value  of  farm  land  and  buildings,  but  do  not  include  farm  implements 
and  machinery  and  live  stock.  In  other  words,  the  table  applies  to 
real  estate  as  distinguished  from  personal  property. 

This  Table  No.  1 covers  only  land  and  buildings,  the  value  of  which 
is  governed  in  large  measure,  as  has  been  pointed  out,  by  the  general 
development  of  the  community.  For  comparison  with  the  increase  in 
values  of  manufacturing  and  railway  properties,  the  following  Table 
No.  2 is  presented,  covering  all  farm  property,  including  land  and  build- 
ings, implements  and  machinery,  and  live  stock. 

Manufacturing  Capital  by  Geographical  Divisions  and  States. 

The  amount  of  capital  invested  in  manufactures  in  the  larger  geo- 
graphical divisions  and  in  the  several  States  is  shown  in  the  following 
Table  No.  3 for  the  years  1900,  1905,  and  1910,  together  with  the  rate 
of  increase  for  each  five-year  period  and  for  the  decade  as  a whole. 


Table  No.  1.  Value  of  Farm  Land  and  Buildings 

(Reports  of  the  Twelfth  Census,  1900,  Vol.  v,  pp.  696-7,  Bulletin  of 


Division  or  State. 

1890. 

^OO. 

Amount. 

Amount. 

The  United  States 

$13,279,252,649 

$16,614,647,491 

North  Atlantic  division 

2,539,200,537 

2,477,265,688 

South  Atlantic  division 

1,135-319,670 

1,206,349,618 

North  Central  division 

7,069,767,154 

9,563,880,438 

South  Central  division 

1,440,022,598 

2,072,671,891 

Western  division 

1,094,942,690 

1,294,479,856 

Alabama 

$111,051,390 

$134,618,183 

Arizona 

7,222,230 

13,682,960 

Arkansas • 

1 18,574,422 

135,182,170 

California 

697,116,630 

707,912,960 

Colorado 

85,035,180 

106,344,035 

Connecticut 

95,000,595 

97,425,068 

Delaware 

39,586,080 

34,436,040 

District  of  Columbia 

6,471,120 

11,273,990 

Florida 

72,745,180 

40,799,838 

Georgia 

152,006,230 

183,370,120 

Idaho 

17,431,580 

42,318,183 

Illinois 

1,262,870,587 

1,765,581,550 

Indiana 

754,789,110 

841,735,340 

Iowa 

857,581,022 

1,497,554,790 

Kansas 

559,726,046 

643,652,770 

Kentucky 

346,339,360 

382,004,890 

Louisiana 

85,381,270 

141,130,610 

Maine 

98,567,730 

96,502,150 

Maryland 

175,058,550 

175,178,310 

Massachusetts 

127,538,284 

158,019,290 

Michigan 

556,190,670 

582,517,710 

Minnesota 

340,059,470 

669,522,315 

Mississippi 

127,423,157 

152,007,000 

Missouri 

625,858,361 

843,979,213 

Montana 

25,512,340 

62,026,090 

Nebraska 

402,358,913 

577,660,020 

Nevada 

12,339,410 

15,615,710 

New  Hampshire 

66,162,600 

70,124360 

New  Tersey 

159,262,840 

l62,S9I,OIO 

New  Mexico 

8,140,800 

20,888,814 

New  York 

968,127,286 

888,134,180 

North  Carolina 

183,977,010 

194,655.920 

North  Dakota 

75,310,305 

198,780,700 

Ohio 

1,050,031,828 

1,036,615,180 

Oklahoma  a 

8,581,170 

170,804,675 

Oregon 

115,819,200 

132,337,514 

Pennsylvania 

922,240,233 

898,272,750 

Rhode  Island 

21,873,479 

23.125,260 

South  Carolina 

99,104.600 

126,761,530 

South  Dakota 

107.466.335 

220.I33.I90 

Tennessee 

242,700,540 

265,150,750 

Texas 

399,971,289 

691.773,613 

Utah 

28,402,780 

50.778,350 

Vermont 

80,427,490 

83.07i.62O 

Virginia 

254,490,600 

271.378.200 

Washington 

83,461.660 

Ii3.609.7iO 

West  Virginia 

I S 1,880.300 

168,293.670 

Wisconsin 

477.524.5O7 

686.i47.660 

Wyoming 

I4,460,880 

26,965,530 

0 Includes  returns  for  Indian  Territory  in  1890  and  1900. 


(IS) 


by  States  : 1890,  1900,  and  1910. 

the  Thirteenth  Census  on  Agriculture — United  States,  1910,  pp.  12-13.) 


1900. 

1910. 

Increase  over  1890. 

Increase  over  1900. 

Amount. 

Amount. 

Per  cent. 

Amount. 

1 

Per  cent. 

$3,335,394,842 

25-1 

$34,801,125,697 

$18,186,478,206 

109-5 

d 61,934,849 

d 2.4 

3,i6i,493,9ii 

684,228,223 

27.6 

71,029,948 

6.3 

2,486,436,474 

1,280,086,856 

106. 1 

2,494,113,284 

35-3 

20,488,657,464 

10,924,777,026 

114.2 

632,649.293 

43-9 

4,866,994,721 

2,794,322,830 

134-8 

199,537,166 

18.2 

3,797,543,127 

2,503,063,271 

193-4 

$23,566,793 

21.2 

$288,253,591 

$153,635,408 

114.1 

6,460,730 

89.5 

47,285,310 

33,602,350 

245.6 

16,607,74 j8 

14.0 

309,166,813 

173,984,643 

128.7 

10,796,330 

i-5 

1,450,601,488 

742,688,528 

104.9 

21,308,855 

251 

408,518,861 

302,174,826 

284. 1 

2,424,473 

2.6 

138,319,221 

40,894,153 

42.0 

d 5,150,040 

d 13.0 

53,155,983 

18,719,943 

54-4 

4,802,870 

74.2 

8,231,343 

d 3,042,647 

d 27 .0 

d 31,945,342 

d 43-9 

118,145,989 

77, 346,151 

189.6 

31,363,890 

20.6 

479,204,332 

295,834,212 

161.3 

24,886,603 

142.8 

245,065,825 

202,747,642 

479-1 

502,710,963 

39-8 

3,522,792,570 

1,757,211,020 

99-5 

86,946,230 

H-5 

1,594,275,596 

752,540,256 

89.4 

639,973.768 

74-6 

3,257,379,400 

1,759,824,610 

II7-5 

83,926,724 

15.0 

1,737,556,172 

1.093,903,402 

170.0 

35,665,530 

■ 10.3 

635,459,3 72 

253,454,482 

66.3 

55,749.340 

65-3 

237,544,450 

96,413,840 

68.3 

d 2,065,580 

d 2 . l 

159,619,626 

63,117,476 

65-4 

119,760 

0. 1 

241,737,123 

66,558,813 

38.0 

30,481,006 

23.9 

194,168,765 

36,149,475 

22.9 

26,327,040 

4.7 

901,138,299 

318,620,589 

54-7 

329,462,845 

96.9 

1,262,441,4 26 

592,919,111 

88.6 

24,583,843 

19-3 

334,162,289 

182,155,289 

119.8 

218,120,852 

34-9 

1,716,204,386 

872,225,173 

103.3 

36,513,750 

143- 1 

251,625,930 

189,599,840 

305-7 

175,301,107 

43-6 

1,813,346,935 

1,235,686,915 

213.9 

3,276,300 

26.6 

39,609,339 

23,993,629 

153-7 

3,961,760 

6.0 

85,916,061 

15,791,701 

22.5 

3,328,170 

2'.  I 

217,134,519 

54,543,509 

33-5 

12,748,014 

I56.6 

111,830,999 

90,942,185 

435-4 

d 79,993,106 

d 8.3 

1,184,745,829 

296,611,649 

33-4 

10,678,910 

5-8 

456,624,607 

261,968,687 

134.6 

123,470,395 

163.9 

822,656,744 

623,876,044 

31.3-9 

d 13,416,648 

d 1.3 

1,654,152,40 6 

617,537,226 

59-6 

162,223,505 

1890.5 

738,677,224 

567,872,549 

332.5 

16,518,314 

14-3 

455.576,309 

323,238,795 

244-3 

d 23,967,483 

d 2.6 

1,041,068,755 

142,796,005 

15-9 

1,251,781 

5-7 

27,932,860 

4,807,600 

20.8 

27,656,930 

27.9 

332,888,081 

206,126,551 

162.6 

112,666,855 

104.8 

1,005,080,807 

784,947.617 

356.6 

22,450,210 

9-3 

480,522,587 

215,371.837 

81 .2 

291,802,324 

73-0 

1,843,208,395 

1,151,434,782 

166.4 

22,375,570 

78.8 

117.545,332 

66,766,982 

I3I.5 

2,644.130 

3-3 

112,588,275 

29,516,655 

35-5 

17,087,600 

6.7 

532,058,062 

260,479.862 

95-9 

32,148.050 

38.5 

571,968,457 

456,358.7-17 

394-7 

16,415,370 

10.8 

264,390,954 

96,095,284 

57-1 

208,623,153 

43-7 

1,201,632,723 

515,485,063 

75-1 

12,504,650 

86.5 

07,915.277 

70,949.747 

263.1 

d Decrease. 


(19) 


Table  No.  2.  Value  of  Farm  Property  (Including  Land, 

(Reports  of  the  Twelfth  Census,  1900,  Vol.  v,  pp.  694-5,  Bulletin  of 


Division  or  State. 

1890. 

J$CO. 

Amount. 

A mount. 

The  United  States 

$16,082,267,689 

$20,439,901,164 

North  Atlantic  division 

2,969,971,293 

2,950,532,628 

South  Atlantic  division 

1.333,395489 

1454,031,316 

North  Central  division 

8,517,696,731 

11,504,919,848 

South  Central  division 

1,890,521,698 

2,815,823,403 

Western  division 

1,370,682,478 

1,714.593,969 

Alabama 

$146,339,765 

$179,399,882 

Arizona ; 

20,646,263 

29,993,847 

Arkansas 

155,019,702 

181,416,001 

California 

777,381,767 

796,527.955 

Colorado 

117,439,558 

161,045,101 

Connecticut 

108,050,708 

113,305,580 

Delaware 

45,620,460 

40,697,654 

District  of  Columbia 

6,680,000 

11,535,376 

Florida 

81,046,200 

53,929,064 

Georgia 

189,249,198 

228,374,637 

Idaho 

25.857,530 

67,271,202 

Illinois 

1,477,759,187 

2,004,316,897 

Indiana 

869,322,787 

978,616,471 

Iowa 

1,100,682,579 

1,834,345,546 

Kansas 

706,664,141 

864,100,286 

Kentucky 

428,170,266 

471,045,856 

Louisiana 

1 10,447,005 

198,536,906 

Maine 

122,347,283 

122,410,904 

Maryland 

200,792,960 

204,645,407 

Massachusetts 

147,677.402 

182,646,704 

Michigan 

047,938,255 

690,355,734 

Minnesota 

414,701,626 

788,684,642 

Mississippi 

167,328,457 

204,221 027 

Missouri 

786,390,253 

1,033,121,897 

Montana 

60,135,102 

117,859,823 

Nebraska 

511,799,810 

747,950,057 

Nevada 

18,678,710 

28,673,835 

New  Hampshire 

80,207,575 

85,842,096 

New  Jersey 

182,452,914 

189,533,660 

New  Mexico 

33,543,141 

53,767,824 

New  York 

1,139,310,716 

1,069,723,895 

North  Carolina 

216,707,500 

233.834.693 

North  Dakota 

100,745.779 

255,266,751 

Ohio 

1.195,688,864 

1,198.923.946 

Oklahoma  (a) 

18.197,749 

277,525.433 

Oregon 

143,024.800 

172,761.287 

Pennsylvania 

1.062,939,846 

1,051,629,173 

Rhode  Island 

25,179,479 

26.989.189 

South  Carolina 

119,849,272 

153.591,159 

South  Dakota 

145.527.556 

297.525,302 

Tennessee 

312,891,650 

341,202,025 

Texas 

552,127,104 

962,476,273 

Utah 

39,482,206 

75,175,141 

Vermont 

101,805.370 

108,451,427 

Virginia 

294,488,569 

323.515.977 

Washington 

100,724,970 

144,040,547 

West  Virginia 

178,961.330 

203.907.349 

Wisconsin 

560,475,894 

8n.712.319 

Wyoming 

33,768,431 

67.477,407 

a Includes  returns  for  Indian  Territory  in  1890  and  1900. 


( 20) 


Buildings,  Implements  and  Machinerv,  and  Live  Stock)  by  States. 
the  Thirteenth  Census  of  Agriculture — United  States,  1910,  pp.  12-13.) 


1900. 

1910. 

Increase  over  1890. 

Increase  over 

1500. 

Amount. 

Amount. 

Per  cent. 

Amount 

Per  cent. 

$4,357,633,475 

27.I 

$40,991,449,090 

$20,551,547,926 

100.5 

4 19,438,665 

d-7 

3,826,829,479 

876,296,851 

29.7 

120,635,827 

9.0 

2,951,200,775 

1,497,169,457 

103.0 

2,987,223,117 

35-1 

23,654,437,577 

12,149,517,729 

105.6 

925,301,705 

48.9 

6,020,926,116 

3,205,102,713 

113-8 

343,911,491 

25-1 

4,538,055,145 

2,823,461,176 

164.7 

$33,060,117 

22.6 

$370,138,429 

$190,738,547 

106.3 

9,347,584 

45-3 

75,123,970 

45,130,123 

150.5 

26,396,299 

17.0 

400,089,303 

218,673,302 

120.5 

19,146,188 

2-5 

1,614,694,584 

818,166,629 

102.7 

43.605.543 

37-i 

491,471,806 

330,426,705 

205.2 

5,254.872 

4-9 

159,399,771 

46,094,191 

40.7 

4 4,922,806 

d 10.8 

63,179,201 

22,481,547 

55-2 

4,855,3  76 

72.7 

8,476,533 

d 3,058,843 

d 26.5 

d 27,117,136 

d 33-5 

143,183,183 

89,254.H9 

165.5 

39,125,439 

20.7 

580,546,381 

352,171,744 

154.2 

41,413,672 

160.2 

305,317,185 

238,045,983 

353-9 

526,557,710 

35-6 

3,905,321,075 

1,901,004,178 

94-8 

109,293,684 

12.6 

1,809,135,238 

830,518,767 

84.9 

733,662,967 

66 .7 

3,745,860,544 

1,911,514,998 

104.2 

157,436,145 

22.3 

2,039,389,910 

1,175,289,624 

136.0 

42,875,590 

10. 0 

773,797,880 

302,752,024 

64.3 

88,089,901 

79-8 

301,220,988 

102,684,082 

5i-7 

63,621 

b 

199,271,998 

76,861,094 

62.8 

3,852,447 

1.9 

286,167,028 

8l,52I,62I 

39-8 

34,969,302 

23-7 

226,474,025 

43,827,321 

24.0 

42,417,479 

6.5 

1,088,858,379 

398,502,645 

57-7 

373,983,016 

90.2 

1,476,411,737 

687,727,095 

87.2 

36,892,570 

22.0 

426,314,634 

222,093,607 

108.8 

246,731,644 

31-4 

2,052,917,488 

1,019,795,591 

98.7 

57,724,721 

96.0 

347,828,770 

229,968,947 

195- 1 

236,150,247 

46. 1 

2,079,818,64  7 

1,331,868,590 

178.1 

9,995,125 

53-5 

60,399,365 

31,725,530 

no. 6 

5,634,521 

7.0 

103,704,196 

17,862,100 

20.8 

7,080,746 

3-9 

254,832,665 

65,299,005 

34-5 

20,224683 

60.3 

159,447,990 

105,680,166 

196.6 

d 69,586,821 

d 6.1 

1,451,481,495 

381,757,600 

35-7 

17,127,193 

7-9 

537,716,210 

303,881,517 

130.0 

154,520,972 

153-4 

974,814,205 

719,547,454 

281.9 

3,235,082 

■ 3 

1,902,694,589 

703,770,643 

58.7 

259,327,684 

1425 . 1 

918,198,882 

640,673,449 

230.9 

29,736,487 

20.8 

528,243,782 

355482,495 

205.8 

d 11,310,673 

d 1. 1 

1,253,274,862 

201,645,689 

19.2 

1,809,710 

7.2 

32,990,739 

6,001,550 

22.2 

33,741,887 

28.2 

392,128,314 

238,537455 

155-3 

151,997,746 

104.4 

1,166,096,980 

868,571,678 

291.9 

28,310,375 

9.0 

612,520,836 

27I,3l8,8lI 

79-5 

410,349,169 

74-3 

2,218,645,164 

1,256,168,891 

130.5 

35,692,935 

90.4 

150,795,201 

75,620,060 

100.6 

6,646,057 

6.5 

145,399,728 

36,948,301 

34-1 

29,027,408 

9-9 

625,065,383 

301,549,406 

93-2 

43,315,577 

43-0 

637,543,411 

493,502,864 

342.6 

24,946,019 

13-9 

314,738.540 

110,831,191 

54-4 

251,236,425 

44.8 

1,413,118,785 

601,406,466 

74-1 

33,708,976 

998 

167,189,081 

99,711,674 

147.8 

b Less  than  one-tenth  of  one  per  cent.  d Decrease. 


(21) 


Table  No.  3.  Capital  Invested  in  Manufactures, 

(From  13th  Census  Bulletin  on  Manufactures — U.  S.,  Table  IT,  pp.  85-87 ; includes 


Total  capital,  1905. 


Division  or  State. 

Total  capital, 
1900. 

Amount. 

Increase  over  1900. 

Amount. 

Per  ctut 

The  United  States 

$8,975,256,000 

$12,675,581,000 

$3,700,325,000 

41.2 

North  Atlantic  division 

4,958,249,000 

6,613,352,000 

1,655,103,000 

33-4 

South  Atlantic  division. 

583,328,000 

930,420,000 

347,092,000 

59-5 

North  Central  division. 

2,633,570,000 

3,7 53,350,000 

1,119,780,000 

42-5 

South  Central  division. 

427,983,000 

734,267,000 

306,284,000 

71.6 

Western  division 

372,126,000 

644,192,000 

272,066,000 

73-1 

Alabama 

$60,166,000 

$105,383,000 

$45,217,000 

75-2 

Arizona 

9,517,000 

14,396,000 

4,879,000 

51.3 

Arkansas 

25,385,000 

46,306,000 

20,921,000 

82.4 

California 

175,468,000 

282,647,000 

107,179,000 

61. 1 

Colorado 

58,173,000 

107,664,000 

49,491,000 

85.1 

Connecticut 

299,207,000 

373, 283,000 

74,076,000 

24.8 

Delaware 

38,791,000 

50,926,000 

12,135,000 

31-3 

District  of  Columbia 

17,961,000 

20,200,000 

2,239,000 

12.5 

Florida 

25,682,000 

32,972,000 

7,290,000 

28.4 

Georgia 

79,303,000 

135,211,000 

55,908,000 

70.5 

Idaho 

2,130,000 

9,689,000 

7,559, 000 

354-9 

Illinois 

732,830,000 

975,845,000 

243,015,000 

33-2 

Indiana 

219,321,000 

312,071,000 

92,750,000 

42.3 

Iowa 

85,668,000 

111,428.000 

25,760,000 

30.1 

Kansas 

59,458,000 

88,680,000 

29,222,000 

49- 1 

Kentucky 

87,996,000 

147,282,000 

59,286,000 

67.4 

Louisiana 

100,875,000 

150,811,000 

49,936,000 

49-5 

Maine 

1 14,008,000 

143,708,000 

29,700,000 

26. 1 

Maryland 

149,155,000 

201,878,000 

52,723,000 

35-3 

Massachusetts 

781,868,000 

965,949,000 

184,081,000 

23-5 

Michigan 

246,996,000 

337,894,000 

90,898,000 

36.8 

Minnesota 

133,077,000 

184,903,000 

51,826,000 

38.9 

Mississippi 

22,712,000 

50,256,000 

27,544.000 

121.3 

Missouri 

223,781,000 

379,369,000 

155,588,000 

69.5 

Montana 

38,225,000 

52,590,000 

14,365.000 

37-6 

Nebraska 

65,906,000 

80.235,000 

14,329.000 

21.7 

Nevada 

1,251,000 

2.892,000 

1,641,000 

131.2 

New  Hampshire 

92,146,000 

109,495.000 

17,349,000 

18.8 

New  Jersey 

477,301,000 

715,060,000 

237.759.ooo 

49.8 

New  Mexico 

2,161,000 

4,638.000 

2,477,000 

114.6 

New  York 

1,523,503,000 

2.031,460,000 

507,957.ooo 

33-3 

North  Carolina 

68,283,000 

141,001,000 

72,718,000 

106.5 

North  Dakota 

3,512,000 

5,704.000 

2,192,000 

62.4 

Ohio 

570,909,000 

856,989.000 

286,080,000 

50.1 

Oklahoma 

4,054,000 

16,124,000 

12.070,000 

297.7 

Oregon 

28,359,000 

44,023.000 

15,664,000 

55- 2 

Pennsylvania 

1,449,815,000 

1,995,837,000 

546,022.000 

37  • 7 

Rhode  Island 

176,901,000 

215,901,000 

39,000,000 

22.0 

South  Carolina 

62,750,000 

113,422,000 

50,672,000 

80. s 

South  Dakota 

6,051,000 

7,585.000 

1.534,000 

25 -4 

Tennessee 

63,140,000 

102,440,000 

39,300.000 

62.2 

Texas. . . .' 

63.655,000 

115,665,000 

52,010,000 

81.7 

Utah 

13,219,000 

26,004,000 

12,785,000 

96.7 

Vermont 

43,500.000 

62,659.000 

19.159.000 

44-0 

Virginia 

92,300.000 

147,989.000 

55,689,000 

60.3 

Washington 

41,575.000 

96,953,000 

55.378,000 

133-2 

West  Virginia 

49,103.000 

86.821,000 

37,718,000 

76. S 

Wisconsin 

286,061,000 

412,647.000 

126,586.000 

44-3 

Wyoming 

2,048,000 

2,696,000 

648,000 

31 .6 

d Decrease. 


by  States  : 1900,  1905,  and  1910. 

lands,  buildings,  machinery,  tools,  and  implements,  cash  and  sundries.) 


Total  capital,  1910. 


Amount. 

Increase  over  1905. 

Increase  over  1900. 

Amount. 

Per  cent. 

Amount. 

Per  cent. 

$18,428,270,000 

$5,752,689,000 

45-4 

$9,453,014,000 

105-3 

9,009,529,000 

2,396,177,000 

36.2 

4,051,280,000 

81.7 

1,368,475,000 

438,055,000 

47-1 

785,147,000 

134-6 

5,718,797,000 

1,965,447,000 

52.4 

3,085,227,000 

117.1 

1,134,015,000 

399,748,000 

54-4 

706,032,000 

165.0 

1,197,454,000 

553,262,000 

85-9 

825,328,000 

221 .8 

$173,180,000 

$67,797,000 

64-3 

$113,014,000 

187.8 

32,873,000 

18,477,000 

128.3 

23,356,000 

245-4 

70,174,000 

23,868,000 

5i-5 

44,789,000 

176.4 

537,134,000 

254,487,000 

90.0 

361,666,000 

206.1 

162,668,000 

55,004,000 

51  ■ 1 

104,495,000 

179.6 

517,546,000 

144,263,000 

38.6 

218,359,000 

73-0 

60,906,000 

9,980,000 

19.6 

22,115,000 

57-0 

30,553,000 

10,353,000 

5i-3 

12,592,000 

70.1 

65,291,000 

32,319,000 

98.0 

39,609,000 

154-2 

202,778,000 

67,567,000 

50.0 

123,475,000 

155-7 

32,477,000 

22,788,000 

235-2 

30,347,000 

1,424.7 

1,548,171,000 

572,326,000 

58.6 

815,341,000 

hi. 3 

508,717,000 

196,646,000 

63.0 

289,396,000 

132.0 

171,219,000 

59,791,000 

53-7 

85.551,000 

99-9 

156,090,000 

67,410,000 

76.0 

96,632,000 

162.5 

172,779,000 

25,497.000 

17-3 

84,783.000 

96.3 

221,816,000 

71,005,000 

47-i 

120,941,000 

119.9 

202,260,000 

58,552,000 

40.7 

88,252,000 

77-4 

251,227,000 

49,349,000 

24.4 

102,072,000 

68.4 

1,279,687,000 

313,738,000 

32.5 

497,819,000 

6 3-7 

583,947,000 

246,053,000 

72.8 

336,951,000 

136.4 

275,416,000 

90,513,000 

49.0 

142,339,000 

107.0 

72, 393,000 

22,137,000 

44-0 

49,681,000 

218.7 

444,343,000 

64,974,000 

17. 1 

22  0,562,000 

98.6 

44,588,000 

d 8,002,000 

d 15.2 

6,363,000 

16.6 

99,901,000 

19,666,000 

24-5 

33,995,000 

51.6 

9,806,000 

6,914,000 

239.1 

8,555,000 

683.9 

139,990,000 

30,495,000 

27.9 

47,844,000 

5i-9 

977,172,000 

262,112,000 

36.7 

499,871,000 

104.7 

7,743,000 

3,105,000 

66.9 

5,582,000 

258.3 

2,779,497,000 

748,037,000 

36.8 

1,255,994,000 

82.4 

217,185,000 

76,184,000 

54-0 

148,902,000 

218. 1 

11,585,000 

5,881,000 

103. 1 

8,073,000 

229.9 

1,300,733,000 

443,744-000 

51-8 

729,824,000 

127.8 

38,873,000 

22,749,000 

141.1 

34,819,000 

858.9 

89,082,000 

45,059,000 

102.4 

60.723,000 

214. 1 

2,749,006,000 

753,169,000 

37-7 

1,299,191,000 

89.6 

290,901,000 

75,000,000 

34-7 

114,000,000 

64.4 

173,221,000 

59,799,000 

52-7 

110,471,000 

176.0 

13,018,000 

5,433,000 

71.6 

6,967,000 

1 15  1 

167,924,000 

65,484,000 

63-9 

104,784,000 

166.0 

216,876,000 

101,211,000 

87-5 

153,221,000 

240.7 

52,627,000 

26,623,000 

102.4 

39408,000 

298.1 

73,470,000 

10,811,000 

17-3 

29,970,000 

68.9 

216,392,000 

68,403,000 

46.2 

124,092,000 

134-4 

222,261,000 

125,308,000 

129.2 

180,686,000 

434-6 

150,922,000 

64,101,000 

73-8 

101,819,000 

207.4 

605,657,000 

193,010,000 

46.8 

319,596,000 

in  .7 

6,195,000 

3,499,000 

129.8 

4,147,000 

202.5 

24 


Capital  by  Interstate  Commerce  Commission  Groups. 

Statistics  as  to  the  cost  of  road  and  equipment  of  the  railways  are 
not  available  for  the  several  States,  nor  for  any  geographical  area  less 
extensive  than  the  United  States  as  a whole.  Statistics  of  the  com- 
mercial value  of  the  railways  of  each  State  were  compiled  by  the 
Census  Bureau  in  1904,  and  will  be  found  in  the  appendix  to  this  study. 
The  Interstate  Commerce  Commission  publishes  annually  the  gross 
capitalization  of  the  railways  for  each  of  the  ten  territorial  groups 
defined  at  the  time  it  undertook  the  compilation  of  railway  statistics. 
These  groups  are  numbered  consecutively  and  comprise  respectively 
the  areas  indicated  in  the  following  map : 


The  gross  capitalization  of  the  railways  of  each  of  these  ten  terri- 
torial groups  was  as  follows  in  1890,  1900,  and  1910: 


Railway  Gross  Capitalization  by  Interstate  Commerce  Commission  Groups. 


I. 

II. 

III. 

IV. 
V. 

VI. 

VII. 

VIII. 

IX 

X. 


1890. 

$377,477,302 

2,032,242,616 

1,309,390,715 

410,704,029 
742,670,372 
1 ,818,588,^65 
443,136,450 
1,047,274,401 
372,982,285 
882,876,385 


1900. 

$472,329,210 
2,337,374,067 
1,490,997,662 
631 ,863,020 
903,681,993 
2,024,541,064 

560,763,313 

1,395.350,723 

511,034, 132 
1,162,599.776 


1910. 

$799,627, 536 

3,543,053,383 

2.414.370,  374 

Q6O,  I S3,  3SO 

1,346,913,  136 
3,102,203,  094 

1,047,244,431 

2.260.370,  943 
808,905,  131 

2,134.260,  830 


Group. 


25 


To  secure  statistics  of  the  amount  of  capital  invested  in  manufac- 
tures and  of  the  value  of  agricultural  property  that  may  be  com- 
pared with  these  aggregates  of  gross  railway  capitalization  by  groups, 
it  will  be  necessary  to  combine  into  corresponding  groups  the  returns 
of  agricultural  and  manufacturing  values  shown  by  States  in  the  pre- 
ceding tables.  While  the  group  lines  do  not  in  every  instance  follow 
State  boundaries,  yet  it  will  be  possible  to  obtain  a very  close  approxi- 
mation to  the  several  groups  by  including  the  returns  of  any  State, 
parts  of  which  are  in  different  groups,  in  the  returns  of  the  group  in 
which  lies  the  greater  part  of  its  area.  The  results  of  this  approxima- 
tion are  presented  in  the  next  two  tables.  The  first  gives  the  value  of 
the  farm  property  of  each  group  in  1890,  1900,  and  1910.  This  table 
covers  farm  property  of  all  kinds,  including  land,  buildings,  imple- 
ments, machinery,  and  live  stock. 


I. 

ir. 

ill. 

IV. 

v. 

VI. 

VII. 

VIII. 

IX.. 

X 


Value  of  Farm  Property  by  Corresponding  Groups. 


Group.  1890. 

1585,267,817 

2,637,796,896 

■J. 2,712,949,906 

810,006,671 

1,325,025,536 

3,654,365,065 

751,230,899 

1,783,711,403 

662,574,109 

1,159,339,387 


1900. 

1639,645,900 

2,567,765,165 

2,867,896,151 

914,849,178 

1,473,172,491 

5,694, 326, 155 

1,230,812,589 

2,517,208,71s 

1,161,013,179 

1,368,211,638 


1910. 

$867,240,457 
3,317,411,784 
4,800,688,206 
I , 869 , 648 , 447 
2,906,501,343 
11,515,526,346 
3,760,933,478 
5,902,067,389 
2,519,866,152 
3,531,565,488 


The  amounts  of  capital  invested  in  the  manufacturing  industries  of 
each  group  in  1900  and  1910  are  shown  in  the  following  table : 


I 

II 

III 

IV 
V 

VI 

VII 

VIII 

IX 

X 


Capitae  Invested. in  Manufactures  by  Corresponding  Groups. 


Group.  1900. 

$1,507,630,000 

3,656,526,000 

1,037,226,000 

272,436,000 

338,999,000 

1,241,148,000 

112,230,000 

370,851,000 

164,530,000 

273,680,000 


1910. 

$2,503,854,000 

6.848.361 .000 

2.393.397.000 

757.720.000 

854.345.000 

2.612. 048 . 000 

1 63 . 702 . 000 

872.148.000 

438.692.000 

984 . 003 . 000 


26 


The  following  table  gives  the  rates  of  increase  of  the  capital  amounts 
set  forth  in  the  three  preceding  tables : 


Percentage  Rate  oe  Increase. 


Group. 

1890  to 

1900. 

1900  to  1910. 

Agriculture. 

Railways. 

Agriculture. 

Manufactures. 

Railways. 

I 

9-3 

25- 1 

35-6 

66.1 

693 

II 

d2.7 

15-0 

29.2 

87.3 

51.6 

Ill 

5-7 

13-9 

67.4 

130.7 

61.9 

IV 

12.  Q 

53-8 

104  4 

178.1 

52.0 

V 

I 1.6 

21.7 

96.6 

152.0 

49.O 

VI 

55.8 

ir-3 

102.2 

110.5 

53-2 

VII 

63.8 

26.5 

205.6 

45-9 

86.8 

VIII 

41. 1 

33  2 

134-5 

1.35-2 

62.0 

IX 

75-2 

37-0 

117.0 

166.6 

58.3 

X 

18.0 

3i-7 

158.1 

259-5 

83.6 

d Decrease. 


It  will  be  borne  in  mind  that  these  tables  by  groups  give  railway 
gross  capitalization  only.  Neither  net  capitalization  nor  the  cost  of 
road  and  equipment  are  ascertainable  for  the  respective  groups.  From 
1890  to  1900  the  gross  capitalization  of  the  railways  increased  in  six 
of  the  ten  groups  at  a higher  ratio  than  the  value  of  agricultural  prop- 
erty. From  1900  to  1910,  however,  in  all  except  Groups  I,  II,  and  III, 
where  agriculture  has  not  kept  pace  with  other  activities,  the  rate  of 
increase  in  gross  capitalization  of  the  railways  has  been  approximately 
one-half  the  rate  of  increase  in  the  value  of  farm  property.  From 
1900  to  1910  gross  railway  capitalization  has  increased  in  much  lower 
ratio  than  the  capital  value  of  manufacturing,  which  is  far  less  than 
the  gross  capitalization  of  the  manufacturing  industries.  An  exception 
is  in  Group  I,  and  the  only  other  exception  in  Group  ATI,  where  the 
development  of  railways  has  been  especially  necessary  to  serve  the 
agricultural  industries. 


Comparison  of  Capital  in  Railways  and  in  the  Principal 
Manufacturing  Industries. 


The  following  table  compares  railway  capital  with  the  capital  in  each 
of  21  principal  manufacturing  industries,  and  shows  the  respective 
rates  of  increase  from  1900  to  1910: 

Increase, 

1900.  1905.  19.0.  T9oo°Ver 

Per  cent. 

Railways  : 

Gross  capitalization. . . $11,491,035,000  $13,805,258,000  $18,417,132,000  60.3 


Net  capitalization  ....  8,803,156,000 

Cost  of  road  and  equip- 
ment   10,263,313,000 

Agricultural  implements  157,708,000 

Roots  and  shoes 110,363,000 

Bread  and  other  bakery 

products So, 902, 000 

Clothing  (men’s) 140,191,000 

Copper,  tin,  and  sheet 

iron 49,679,000 

Cotton  goods 467,240,000 

Electric  machinery,  ap- 
paratus and  supplies.  . S3, 660, 000 

Flour  and  grist  mill 

products 189,281,000 

Foundry  and  machine 

shop  products 790,741,000 

Furniture  and  refrigera- 
tors  109,267,000 

Gas,  illumination  and 

heating 567,001,000 

Iron  and  steel,  blast  fur- 
naces  143,159,000 

Iron  and  steel,  rolling 

mills 430,232,000 

Leather 173,977  000 

Liquors,  malt 413,767,000 

Lumber  and  timber 

products 541,595,000 

Paper  and  wood  pulp.  . . 167.508,000 

Printing  and  publishing.  333,003,000 

Slaughtering  and  meat 

packing  190,209,000 

Tobacco  manufactures.  . 111,517,000 

Woolen,  worsted  and  felt 

goods,  and  wool  hats  . 265,730,000 


9,940,854,000 

I4,375,53o,ooo 

633 

11,951, 349.000 

196.741.000 

136.802.000 

14,387,816,000 

256.281.000 

222.324.000 

40.2 
62.5 
101. 4 

122.353.000 

176.557.000 

212.910.000 

275.320.000 

163.2 

96.4 

147.608.000 

613.111.000 

217. 532.000 

822.238.000 

337-9 

76.0 

174,066,000 

267,844,000 

220.2 

265,  ri7,ooo 

349,152,000 

84.5 

1,034,135,000 

1,514,332,000 

91-5 

158,986,000 

227,134,000 

107.9 

725,035,000 

9i5,537,ooo 

61.5 

236, 146,000 

487,581,000 

240.6 

700.182.000 

242.584.000 

515.630.000 

1,004,735,000 

332.727.000 

671.158.000 

I33  -5 

91 . 2 

62.2 

733.708.000 

277.444.000 

432.854.000 

1,176,675,000 

409.348.000 

588.346.000 

H7-3 

144.4 

76.7 

240.419.000 

323.982.000 

383.249.000 

245.660.000 

101.5 

120.3 

314,081.000 

43°,  5 79, 000 

62.0 

This  table  shows  that  from  1900  to  1910  the  amount  of  capital 
Invested  in  the  principal  manufacturing  industries  of  the  United 
States  increased  at  a higher  rate  than  either  the  gross  capitalization, 
the  net  capitalization,  or  the  cost  of  road  and  equipment  of  the  rail- 
ways. This  higher  rate  of  increase  for  the  principal  manufacturing" 


industries  is  shown  by  the  fact  that  the  aggregate  combined  capital  of 
the  twenty-one  industries — which  is  far  less  than  their  gross  capitaliza- 
tion— increased  99.6  per  cent  from  1900  to  1910,  whereas  the  gross 
capitalization  of  the  railways  increased  60.3  per  cent,  the  net  capital- 
ization 63.3  per  cent,  and  the  cost  of  road  and  equipment  but  40.2  per 
cent. 

Return  on  Manufacturing  and  Railway  Capital. 

Even  more  difficult  and  uncertain  than  a comparison  of  the  capital 
values  of  the  agricultural,  manufacturing,  and  railway  industries  is 
a comparison  of  the  annual  returns  upon  these  capital  values.  Indeed, 
it  has  been  found  impracticable  even  to  attempt  an  estimate  of  the 
returns  from  agriculture  that  would  be  suitable  for  such  a comparison." 
In  the  case  of  manufactures  and  railways,  however,  the  operating  or 
running  expenses  and  the  taxes  may  be  ascertained,  and  thus  an  ap- 
proximation may  be  had  to  the  net  returns  on  capital.  In  this  manner, 
for  the  following  tables  the  gross  and  net  value  of  the  products  of  the 
two  industries  have  been  computed  upon  as  nearly  a comparable  basis 
as  possible.  The  net  return  has  been  ascertained  by  deducting  from 
the  respective  gross  value  of  products  in  the  case  of  manufactures,  and 
from  gross  earnings  in  the  case  of  the  railways,  all  operating  expenses, 

a The  returns  of  gross  value  of  agricultural  products,  as  compiled  by  the 
Census  Bureau  in  1910,  contain  considerable  duplications,  due  for  the  most  part 
to  the  inclusion  of  both  the  value  of  all  live  stock  products  and  the  value  of  all 
crops.  A large  proportion  of  the  crops  being  fed  to  the  live  stock,  the  value  of 
live  stock  is  thereby  enhanced,  and  there  occurs  a duplication  of  value — the  value 
of  the  crops  so  fed  being  included  in  the  value  of  all  crops  and  in  the  value  of  all 
live  stock.  The  Census  Bureau  discusses  this  duplication  in  the  following  words : 

“The  Census  Bureau  has  made  no  attempt  to  ascertain  the  total  net  value 
of  farm  products  for  1909,  including  both  that  of  crops  and  that  of  animal 
products.  To  add  the  value  of  these  two  groups  of  products  together 
involves  extensive  duplication,  since  large  quantities  of  crops  reported  are 
fed  to  the  animals  on  the  farms.  It  is  impossible  to  ascertain  accurately 
the  amount  of  such  duplication,  and  the  attempt  to  do  so,  which  was  made 
at  the  Twelfth  Census,  was  not  considered  satisfactory  in  its  results. 
Moreover  the  amount  spent  by  farmers  for  animals  purchased  in  1909  has 
not  been  subtracted  from  the  value  of  animals  sold  and  slaughtered  in  1909. 
The  gross  total  of  $8,498,311,413  for  1909  is  not  closely  comparable  with 
that  reported  for  1899,  $4,739,118,752,  because  of  differences  in  the  method 
of  reporting  the  value  of  live  stock  products.” 

In  addition  to  the  difficulties  presented  by  this  duplication,  it  is  impossible  to 
make  a satisfactory  estimate  regarding  the  taxes  paid  on  agricultural  property, 
the  value  of  the  labor  of  farm  proprietors  and  their  families,  the  amount  of  certain 
minor  expenditures,  such  as  for  twine,  oil,  etc.,  and  the  cost  of  depreciation  on 
buildings,  implements,  and  appliances. 


29 


including  taxes.  In  each  case,  interest  on  capital  is  included  in  the 
net  return.0 

Gross  and  Net  Returns  from  Manufactures. 


1900. 

Gross  returns  : 

Gross  value  of  products.  . . . 111,406,927,000 
Expenses  : b 

Cost  of  materials 6,575,851,000 

Salaries  and  wages 2,389,132,000 

Miscellaneous  expenses,  in- 
cluding taxes 905,442,000 


i9°5- 

1 1 4, 793  >903, 000 

8.500.208.000 

3.184.884.000 

1.453.168.000 


1910. 

$20,672,052,000 

12,141,791,000 

4.365.613.000 

1.945.676.000 


Total 


$9,870,425,000  $13,138,260,000 


$18,453,080,000 


Net  return 


$1,536,502,000  $1,655,643,000 


$2,218,972,000 


Gross  and  Net  Returns  from  Railway  Operation. 

1890  1900  1905  1910 

Total  operating  rev- 
enues  $1,051,877,632  $1,487,044,814  $2,082,482,406  $2,750,667,435 

Expenses  : 

Total  operating 
expenses,  includ- 
ing wages 692,093,971  961,428,511  1390,602,152  1,822,630,433 

Taxes 31,207,469  48,332,273  63,474,679  io3,795,7oi 


Total $723,301,440  $1,009,760,784  $1,454,076,831  $1,926,426,134 

Net  return, 
including 
interest  on 

capital $328,576,192  $477,284,030  $628,405,575  $824,241,301 


a In  the  following  discussion  of  net  returns,  the  statistics  of  manufacturing 
products  cover  as  nearly  as  possible  the  calendar  year  preceding  the  census 
year,  while  the  statistics  of  railway  operating  returns  apply  to  the  fiscal  year 
ending  June  30  of  the  census  year.  Thus  the  product  manufactured  during  the 
calendar  year  1909  was  that  covered  by  the  census  of  1910,  and  is  here  discussed 
under  the  latter  year;  with  the  manufacturing  returns  for  the  calendar  year 
1909  are  compared  the  railway  returns  for  the  fiscal  year  ending  June  30,  1910. 

b It  should  be  pointed  out  that  the  item  “salaries  and  wages’’  does  not  include 
salaries  paid  to  proprietors  or  firm  members  interested  in  non-corporate  manu- 
facturing establishments.  There  were  273,265  of  these  proprietors  and  firm 
members  in  1910  for  whom  no  definite  salaries  were  reported.  The  railways  are 
virtually  all  owned  by  corporations,  all  employees  from  president  down  being 
paid  a definite  salary  or  wage.  To  some  extent,  therefore,  the  expenses  shown 
for  the  manufacturing  and  railway  industries  are  not  comparable.  On  the  other 
hand,  non-corporate  manufacturers  produced  in  1910  only  one-fifth  of  the  total 
value  of  products  manufactured  in  that  year,  while  the  average  size  and  im- 
portance of  the  individual  non-corporate  establishment  was  so  small  that  the 
return  to  the  proprietor  or  firm  owner  could  not  be  differentiated  between  wage 
and  profit. 

Depreciation  of  the  road  and  equipment  of  railways  is,  under  the  accounting 
system  prescribed  by  the  Interstate  Commerce  Commission,  provided  for  through 
the  operating  expense  account.  The  practice  of  manufacturing  establishments  in 
regard  to  depreciation  of  plant  is  not  uniform,  but  it  may  be  supposed  that 
prudent  management  will,  in  the  long  run,  charge  the  cost  of  repairs  and  replace- 
ment (which  may  be  said  to  stand  for  a depreciation  account  where  no  such 
definite  account  is  maintained)  to  running  expenses. 


30 


As  has  been  specified  in  these  pages,  and  especially  in  the  appendix, 
there  have  been  variations  in  the  requirements  of  the  Bureau  of  the 
Census  at  different  times  for  ascertaining  the  capital  value  of  manu- 
factures. Moreover,  in  computing  such  vast  aggregates  there  is  always 
the  necessity  for  adjustments  of  one  kind  and  another  so  that  different 
persons  may  not  always  arrive  at  identically  the  same  results  in  handling 
the  intricate  data.  Indeed  the  same  person  may  be  obliged  at  one 
time  to  give  consideration  to  various  factors  that  bring  about  results 
varying  from  those  of  a similar  adjustment  at  another  time.  Further- 
more, the  income  account  here  shown  for  manufactures  differs  from 
that  of  the  railways  in  the  fact  that  the  reported  railway  returns  repre- 
sent cash  actually  received,  while  the  reported  value  of  products  manu- 
factured in  any  year  is  not  only  partially  made  up  of  cash  already 
taken  in,  but  is  also  in  part  an  estimate  of  the  probable  market  value 
of  such  portion  of  the  product  as  is  not  yet  sold,  and  in  part  consists 
of  outstanding  accounts  the  settlement  of  which  may  entail  loss.  In 
other  words,  the  manufacturing  returns  are  partially  at  least  based  on 
estimates.  It  therefore  cannot  be  too  strongly  insisted  that  the  tables 
and  the  deductions  therefrom  on  the  preceding  pages  are  of  broad  and 
general  significance  only.  It  is  believed,  however,  that  possible  varia- 
tions, to  whatever  cause  they  may  be  due,  do  not  impair  such  broad  and 
general  significance. 

If  it  be  necessary  to  bear  in  mind  these  qualifications  as  pertaining 
to  the  fundamental  statements  of  capital  values  and  of  the  return 
thereon,  it  will  be  all  the  more  necessary  to  bear  in  mind  the  limita- 
tions that  must  govern  any  attempt  at  comparison  of  the  relative  re- 
turn on  capital.  Yet  in  this  country  the  dollar  is  the  common  denomi- 
nator of  values.  The  dollar  measures  the  values  of  things  utterly 
dissimilar.  of  all  things  which  enter  into  purchase  and  sale.  Dissim- 
ilar in  many  respects  in  their  essential  nature  and  in  their  relations  as 
are  the  products  of  manufacture  and  the  service  of  transportation, 
they  are  measured  by  dollars  when  they  are  sold,  and  the  net  return 
upon  capital  values  is  measured  in  dollars.  It  is  the  expression  of 
these  net  returns  in  dollars  that  guides  the  investor  in  placing  his 
money  in  one  or  another  industry. 

In  the  table  on  page  14  were  given,  subject  to  the  qualifications  that 
repeatedly  have  been  expressed  in  these  pages,  the  capital  values  of 
manufacturing  and  the  railways.  On  page  29,  subject  to  the  quali- 
fications that  likewise  repeatedly  have  been  expressed,  are  tables  giv- 
ing the  gross  and  net  returns  from  manufactures  and  from  railway 


31 


transportation.  It  therefore  may  be  possible  in  terms  of  the  dollar  to 
arrive  at  the  ratio  of  the  net  returns  on  the  capital  of  each  industry 
and  to  compare  the  net  returns  on  the  capital  of  one  industry  with  the 
net  returns  on  capital  in  the  other. 

In  the  next  table  are  set  forth  the  capital  values  of  the  two  indus- 
tries, the  return  on  capital  as  expressed  in  the  preceding  tables,  and 
the  percentage  of  that  return.  It  will  be  perceived  that  the  years  for 
which  there  is  available  complete  information  that  is  approximately 
comparable  for  each  industry  are  those  designated  as  1900  and  1910. 
These  may  be  considered  to  mark  the  beginning  and  the  end  of  a decade 
which  comprised  a fairly  distinct  industrial  era.  In  1900  the  country 
was  on  the  high  tide  of  recovery  from  prolonged  industrial  depression ; 
in  1910  it  was  enjoying  exceeding  prosperity,  both  the  gross  and  the 
net  earnings  of  the  railways  attaining  a higher  mark  than  for  any  pre- 
ceding or  subsequent  year.  It  will  be  noted  that  in  the  case  of  the 
railways  the  percentage  of  net  return  is  computed  on  the  cost  of  road 
and  equipment,  which  is  the  item  comparable  with  the  capital  value  of 
manufactures  as  given. 


Comparison  or  Net  Returns  on  Capital. 


igoo. 

Manufactures  : 

Capital $S , 975 , 256 , 000 

Net  return  on  capital  . 1,536,502,000 

Per  cent  of  net  return  . 17.119 

Railways  : 

Cost  of  road  and  equip- 
ment  $10,263,313,400 

Net  return 477,284,030 

Per  cent  of  net  return  . 4 650 


i9°5- 


$12,675,581,000 

1,655,643,000 

13.062 


|n,95C348,949 

628,405,575 

5-258 


I9IO. 


$ l8 , 428,270,000 
2,218,972,000 
12.041 


$14,387,816,099 
$24.  241 ,301 
5.729 


In  1900  the  percentage  of  net  return  upon  capital  in  manufactures 
was  nearly  four  times  as  great  as  that  on  the  cost  of  road  and  equip- 
ment of  the  railways.  In  1905  it  was  two  and  one-half  times  as  great. 

From  1900  to  1910  the  capital  in  manufactures  increased  105  per 
cent,  and  the  cost  of  road  and  equipment  of  the  railways  increased 
40.2  per  cent.  In  the  latter  year  the  percentage  of  net  return  on 
capital  in  manufacture  was  two  and  one-tenth  times  as  great  as  that 
of  the  railways. 

While  these  comparisons  are  subject  to  qualification,  it  is  not  be- 
lieved that  were  absolutely  accurate  and  comparable  data  available 
there  would  be  more  than  a negligible  change  in  the  relation  of  these 
ratios  of  return. 


32 


APPENDIX. 

A careful  study  of  the  census  reports  discloses  that  the  variations 
specified  below  affect  the  comparability  of  the  data  as  to  the  capital 
value  of  the  agricultural  and  manufacturing  industries  as  set  forth  by 
the  Census  Bureau  even  for  1890  and  in  subsequent  reports.  They 
demonstrate  clearly  that  the  data  included  in  the  reports  prior  to  1890 
are  entirely  unavailable  for  comparative  purposes. 

Agriculture. 

Census  statistics  extending  back  to  1850  show  for  each  State  the 
value  of  land  and  buildings  employed  in  agriculture  and  the  value  of 
implements  and  machinery  and  live  stock. 

The  Census  of  Agriculture  of  i860  included  all  farms  with  an 
annual  marketed  product  to  the  value  of  $100  or  more.  This  mini- 
mum was  changed  in  1870  to  farms  containing  three  acres  in  area  or 
marketing  annually  $500  of  product,  with  the  proviso  that  no  farm  be 
enumerated  unless  it  utilize  the  labor  of  at  least  one  able-bodied  man. 
This  limit  for  1870  was  retained  in  the  enumerations  of  1880  and  1890. 
but  for  that  of  1900  it  was  modified  to  take  in  any  farm  not  otherwise 
included,  provided  the  operation  of  such  a farm  required  the  constant 
attention  and  services  of  one  man. 

The  census  of  1870,  although  intended  to  cover  the  year  ending 
June  1st,  actually  presented  data  relating  in  part  to  1869  and  in  part 
to  1870.  The  same  difficulty  of  securing  returns  all  relating  to  the 
same  specific  year  was  met  in  1880. 

The  enhancement  in  the  value  of  farm  property  shown  by  the  re- 
turns of  1870  over  those  of  i860  was  in  part  due  to  the  premium  of 
.25  per  cent  on  gold  in  1870. 

Moreover,  the  returns  for  1870  were  regarded  by  the  census  au- 
thorities themselves  as  defective  and  incomplete.  Many  farms  were 
omitted  in  the  South,  in  Massachusetts,  and  elsewhere.  There  was 
the  same  difficulty  in  1880,  many  farms  and  western  ranges  failing 
•of  enumeration,  although  in  some  other  respects  the  census  of  1880 
was  the  most  nearly  complete  of  any  prior  to  1900. 

It  is  pointed  out  in  the  census  report  for  1900  that  the  data  as  to 
•capital  return  for  agriculture  and  for  manufactures  do  not  correspond. 
The  only  forms  of  agricultural  capital  reported  by  the  census  were 


land,  buildings,  improvements,  implements,  machinery,  and  live  stock 
which  correspond  to  fixed  capital  in  manufacture.  Live  or  free  manu- 
facturing capital,  such  as  cash  and  sundries,  has  its  counterpart  in 
agriculture  in  the  items  “value  of  farm  products  on  hand,”  money  due 
from  sale  of  products,  or  in  bank  for  supplementary  use  on  the  farm, 
and  value  of  growing  crops,  but  as  to  the  value  of  these  items  definite 
information  was  not  obtained.  The  same  qualifications  as  to  the  com- 
parability of  agricultural  and  manufacturing  capital  values  apply  to 
the  census  returns  for  1910. 

Manufactures 

The  schedules  for  the  earlier  censuses  of  manufactures  were 
changed  from  census  to  census,  the  data  therefore  not  being  com- 
parable. From  the  census  of  1870  “many  industries  from  which  it 
was  difficult  to  obtain  satisfactory  statistics”  were  omitted.  Likewise 
in  1880  some  manufactures  were  not  included,  and  in  lesser  degree 
this  was  also  the  case  in  1890.  Twenty  industries  or  branches  of 
industries  omitted  in  1880  were  included  in  1890. 

The  census  report  of  1870  admitted  the  returns  for  that  year  to  be 
“entirely  untrustworthy  and  delusive,”  owing  to  the  difficulty  of  secur- 
ing uniform  or  complete  statements  from  industrial  units.  The  re- 
port expresses  the  opinion  that  not  over  a fourth  of  the  capital  actually 
invested  was  returned.  Moreover,  all  values  reported  in  1870  were 
expressed  in  terms  of  currency,  which  was  then  25  per  cent  in  excess 
of  values  in  gold. 

The  report  of  1890  was  elaborated  to  include  under  capital  such 
items  as  borrowed  cash,  of  which  cognizance  had  not  theretofore  been 
taken,  and  allowance  was  made  for  rented  capital,  such  as  rented 
buildings. 

Not  until  the  census  of  1900  had  there  been  used  the  same  schedule 
as  of  the  previous  census.  The  schedule  of  1890  was  adopted  for 
1900,  and  substantially  this  same  schedule  was  used  in  1905  and  1910, 
but  with  changes  in  the  definition  of  what  constitutes  a factory  and  in 
the  classification  of  factories.  The  census  of  1900  stated  that  returns 
of  capital  in  manufactures  prior  to  1890  “have  no  real  statistical  value, 
owing  to  the  vague  and  general  character  of  the  form  of  inquiry.” 
The  statement  that  statistics  as  to  manufactures  for  periods  earlier 
than  1890  are  practically  useless  for  comparative  purposes  is  repeated 
in  the  census  for  1905. 


34 


Even  as  late  as  1905  the  census  report  emphatically  declares  that  it 
is  impossible  to  so  define  the  word  “capital”  for  statistical  purposes  as 
to  make  the  thing  measured  tangible,  restricted,  and  uniform. 

For  the  census  of  1905  the  definition  of  a factory  was  considerably 
restricted  as  compared  with  that  of  1900  and  earlier  census  years.  A 
retabulation  of  the  data  for  1900  was  made  to  accord  with  the  classifi- 
cation of  factories  established  for  1905,  but  this  retabulation  applied 
to  the  capital  as  a whole,  not  being  carried  out  to  include  its  component 
parts.  It  is  therefore  feasible  to  show  only  the  total  capital  invested 
in  manufactures  by  States  on  a comparable  basis  for  1900,  1905,  and 
1910. 

To  a better  understanding  of  the  change  in  definition  of  a factory 
and  classification  of  factories  made  by  the  Census  Bureau  in  1905  it 
is  necessary  briefly  to  consider  the  prior  practice.  From  1850  to  1890 
the  census  law  provided  for  a census  of  establishments  “of  productive 
industry.”  The  law  authorizing  the  census  of  1900  provided  more 
specifically  for  a census  of  the  “manufacturing  and  mechanical  prod- 
ucts” of  the  country.  These  terms  were  broad  enough  to  include  all 
industry  that  could  be  reached  by  the  census  agents.  In  1905  the  law 
distinctly  restricted  the  census  of  manufactures  “to  manufacturing 
establishments  conducted  under  what  is  known  as  the  factory  system 
exclusive  of  the  so-called  neighborhood  and  mechanical  industries.” 
This  definition,  which  was  also  followed  in  1910,  restricted  the  in- 
quiries of  the  census  agents  to  factory  establishments  with  a product 
to  the  value  of  at  least  $500  a year.  Neighborhood  and  local  me- 
chanical industries  were  excluded,  as  well  as  manufacturing  in  edu- 
cational, eleemosynary,  and  penal  institutions. 

The  difference  between  the  results  obtained  under  the  definition 
of  a factory  followed  in  1900  and  that  which  obtained  in  1905  is 
shown  in  the  following  table,  which  shows  the  number  of  establish- 
ments, the  capital,  and  the  value  of  products  returned  and  promul- 
gated by  the  census  of  1900  and  the  returns  of  that  census  under  the 
revision  made  in  1905  in  order'  that  the  returns  might  be  comparable 
with  those  for  the  latter  year : 

1900,  1900. 
original.  revised. 


5I2?254 

$9,317. 434, 709 
13,004,400.143 


207,562 
$3,978,825,200 
11,411, 121, 122 


Number  of  establishments 

Capital 

Value  of  products . 


Railways. 


There  is  no  attempt  in  this  study  to  settle  the  controverted  question 
as  to  what  properly  constitutes  the  capital  value  of  the  railways.  Gross 
capitalization,  net  capitalization,  and  the  cost  of  road  and  equip- 
ment, the  three  capital  items  set  forth  in  the  reports  of  the  Interstate 
Commerce  Commission,  have  all  been  utilized,  and  it  has  been  pointed 
out  that  cost  of  road  and  equipment  is  perhaps  more  nearly  analogous 
to  the  capital  values  used  for  agriculture  and  for  manufactures.  A 
comparative  study  of  railway  investment  extending  back  over  any 
considerable  period  must  rest  on  one  or  another  of  these  items. 
Clearly  it  cannot  rest  on  bases  that  have  but  recently  entered  into  con- 
sideration. Thus  studies  of  physical  valuation  and  the  theory  of 
basing  railway  capitalization  upon  physical  valuation  are  of  com- 
paratively recent  origin.  “Cost  of  road  and  equipment”  is  an  item 
that  did  not  appear  in  official  governmental  reports  until  1890,  when 
it  was  embodied  in  the  annual  statistical  report  of  the  Interstate  Com- 
merce Commission,  but  the  term  was  used  as  early  as  1863  by  Samuel 
Hallett  & Company,  New  York  bankers,  in  a report  on  the  resources 
of  the  United  States.  Data  as  to  capitalization  are  available  to  a cer- 
tain extent  for  the  period  prior  to  1890,  but  the  earliest  statistics  that 
have  been  found  deal  with  cost  of  construction  of  road,  as  distin- 
guished from  cost  of  equipment. 

Thus  David  Stevenson,  an  English  civil  engineer,  who  discussed 
American  engineering  in  1837,  cited  the  cost  per  mile  of  seven  different 
pieces  of  railway  lying  in  Maryland,  Pennsylvania,  New  York,  and 
South  Carolina.  The  weighted  average  of  these  costs,  which  are  given 
by  him  for  an  aggregate  of  468.33  miles,  is  $19,009.50  per  mile  If 
this  cost  be  assumed  as  applicable  to  all  the  railway  mileage  in  the 
United  States  in  that  year,  we  have  for  a total  of  1.652.25  miles,  also 
cited  by  Stevenson,  a cost  of  $31,408,000. 

F.  Von  Gerstner,  in  a German  work  published  in  1843.  estimated 
the  railway  mileage  in  the  United  States  as  9,220.96  miles.  For 
8,488.46  miles  of  this  he  gives  data  as  to  cost  which  average  S20.437 
per  mile.  At  this  rate  per  mile  the  cost  of  all  the  railways  in  the 
United  States  at  that  time  was  about  $188,448,000. 

The  American  Almanack  for  1847,  discussing  the  cost  of  4,760.75 
miles  of  railway  in  the  United  States,  set  the  aggregate  for  1845  at 
$129,177,000.  Although  admittedly  incomplete  both  as  to  mileage  and 
as  to  cost,  the  reduction  of  the  aggregates  to  a per  mile  basis  sheds 


36 


light  on  the  cost  of  railway  construction  at  that  time.  The  average  cost 
per  mile  was  $27,138. 

Hinton  R.  Helper,  in  “The  Impending  Crisis,”  estimated  the  mileage 
of  American  railways  in  1857  at  24,714  miles.  The  aggregate  cost  of 
the  railways  was  $633,566,000,  but  as  this  amount  relates  to  1855  and 
a somewhat  different  mileage  than  that  of  1857,  no  average  per  mile 
can  be  computed. 

Henry  H.  Flint,  writing  in  his  “Railroads  of  the  United  States”  of 
1857,  estimated  the  cost  of  the  American  railways  existing  in  that  year 
at  $920,000,000.  As  this  estimate  covered  26,000  miles,  their  average 
cost  per  mile  was  not  far  from  $35,400. 

Appleton’s  Annual  Cyclopedia  estimated  the  cost  of  the  railway 
mileage  of  the  United  States  in  1868-9  at  $1,517,500,000.  Flint's  esti- 
mate for  1868  is  not  far  from  this — $1,532,500,000.  Poor’s  Manual 
for  1868-9  gives  a slightly  higher  amount,  $1,600,000,000.  This  last 
estimate  is  based  on  the  capital  account  which  Mr.  Poor  remarked 
as  considerably  exceeding  the  money  actually  expended.  The  costs  per 
mile  based  on  these  estimates  appear  to  be  as  follows:  Appleton.  $41,- 
022;  Flint,  $40,300;  Poor,  $41,000. 

President  Hadley’s  estimate  of  cost  for  January  1,  1884,  was 
$7,320,000,000,  while  the  Interstate  Commerce  Commission  in  its 
statistical  report  for  1890  returned  the  cost  of  road  as  $7,333,096,000. 
This  was  exclusive  of  cost  of  equipment 

It  will  be  seen  from  this  that  statistics  of  cost  of  railway  plant  and 
equipment  prior  to  1890,  when  the  Interstate  Commerce  Commission 
first  presented  complete  official  reports  of  such  costs,  are  scattering, 
incomplete,  and  far  from  reliable.  That  is,  they  were  based  on  in- 
dividual estimates  and  opinions  which,  however  careful  and  intelli- 
gent, are  not  in  the  nature  of  things  as  accurate  as  official  compila- 
tions. Even  the  amounts  showing  cost  of  road  in  the  reports  of  the 
Interstate  Commerce  Commission  are  open  to  the  criticism  that  the 
returns  of  individual  railways  from  which  they  are  compiled  rest  in 
part  on  the  estimates  and  opinions  of  railway  officials  and  not  on 
written  records.  This  criticism  is  especially  applicable  to  the  data 
published  by  the  Commission  in  1890,  which  embodies  for  the  first 
time  these  reports  of  the  railways,  but  it  is  applicable  also  in  greater 
or  less  degree  to  subsequent  data  which  are  built  upon  the  returns 
for  1890. 


37 


Commercial  Value  of  the  Railways  by  Geographical  Divisions  and 

States. 


The  United  States  Census  Bureau  made  a careful  investigation  in 
1904  into  the  commercial  value  of  the  American  railways,  distributed 
according  to  States,  and  the  result  of  its  investigation  is  given  in  the 
following  table. 


Commercial  Value  of  Railway  Operating  Property  by  States:  1904. 


(Census  Bureau  Bulletin  21,  1905,  page  8.) 


State. 


The  United  States 

North  Atlantic  Division 
South  Atlantic  Division 
North  Central  Division. 
South  Central  Division. 
Western  Division 

Alabama 

Arizona 

Arkansas 

California 

Colorado 

Connecticut 

Delaware 

District  of  Columbia 

Florida 

Georgia 

Idaho 

Illinois 

Indiana 

Iowa 

Kansas 

Kentucky 

Louisiana 

Maine 

Maryland 

Massachusetts 

Michigan 

Minnesota 

Mississippi 

Missouri 

Montana 

Nebraska 

Nevada 

New  Hampshire 

New  Jersey 

New  Mexico 

New  York 

North  Carolina 

North  Dakota 


Commercial  value  of 
railway  operating 
property  as  of 
June  30,  1904. 

. . . $11,244,752,000 

3.230.781.000 

994.035.000 
. . . 4,346,413,000 

1.188.851.000 
[,484,672,000 

$150,211,000 

68.356.000 

124.626.000 

350.694.000 

198.261.000 

105.369.000 

17.285.000 
5,578,000 

80.467.000 

156.603.000 

91.877.000 

805.057.000 

375.541.000 

344.847.000 

356.356.000 

155.772.000 

123.401.000 

80.146.000 

132.342.000 

250.052.000 

277.597.000 

466.734.000 

107.884.000 

309.768.000 

196.209.000 

263.170.000 

43.745.000 

79.786.000 
313.568000 

86.400.0co 

898.222.000 
n.3.146,000 
123,390,090 


Commercial  Value  of  Railivay  Operating  Property  by  States:  1904 — Continued. 


state. 


Ohio 

Oklahoma 

Oregon 

Pennsylvania.  . . 
Rhode  Island.. 
South  Carolina 
South  Dakota.. 

Tennessee 

Texas 

Utah 

Vermont 

Virginia 

Washington 
West  Virginia. 

Wisconsin 

Wyoming 


Commercial  value  of 
railway  operating 
property  as  of 
June  30,  1904. 

689.797.000 

158.073.000 
75,661 000 

1,420,608,000 

25.719.000 

75.500.000 

49.646.000 

131.166.000 

237.718.000 

90.325.000 

37.311.000 

211.315.000 

182.837.000 

201.799.000 

284.510.000 

100.307.000 


385 


B952B  no. 39 


P61116 


BULLETINS  OF  THE 

BUREAU  OF  RAILWAY  ECONOMICS 

( Continued .) 

1 7.  (Out  of  Print.) 

18.  Capitalization  and  Dividends  of  the  Railways  of  Texas,  Year 

Ending  June  30,  1909. 

19.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  June,  1911. 

20.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  July,  1911. 

21.  The  Cost  of  Transportation  on  the  Erie  Canal  and  by  Rail. 

22.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  August,  1911. 

23.  Analysis  of  the  Accident  Statistics  of  the  Interstate  Commerce 

Commission  for  the  Year  Ending  June  30,  1911. 

24.  Comparative  Railway  Statistics  of  the  United  States,  the  United 

Kingdom,  France,  and  Germany. 

25.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  September,  1911. 

26.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  October,  1911. 

27.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  November,  1911. 

28.  Effect  of  Recent  Wage  Advances  upon  Railway  Employees’  Com- 

pensation during  the  Year  Ending  June  30,  1911. 

Variations  in  the  Number  of  Railway  Employees,  1909-1910-1911. 
Relation  of  the  Number  of  Employees  and  their  Compensation  to 
Traffic  and  Revenue,  1909-1910-1911. 

29.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  December,  1911. 

30.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  January,  1912. 

31.  Railway  Traffic  Statistics,  1900- 1910. 

32.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  February,  1912. 

33.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  March,  1912. 

( Continued  on  fourth  page  of  cover.) 


BULLETINS  OF  THE 


BUREAU  OF  RAILWAY  ECONOMICS 


( Continued .) 


34.  A Comparative  Study  of  Railway  Wages  and  the  Cost  of  Living- 

in  the  United  States,  the  United  Kingdom,  and  the  Principal 
Countries  of  Continental  Europe. 

35.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  April,  1912. 

36.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  May,  1912. 

37.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  June,  1912. 

38.  Summary  of  Revenues  and  Expenses  of  Steam  Roads  in  the 

United  States  for  July,  1912. 

39.  Comparison  of  Capital  Values — Agriculture,  Manufactures,  and 

the  Railways. 


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